La Française de l'Énergie: 2026 Revenue Falls to €29.1M, Bets on Project Portfolio
French renewable energy disappoints in immediate results but promises acceleration. Published on July 21, 2026, La Française de l'Énergie's annual revenue for 2026 reached €29.1M, which is €1.3M less than in 2025 and €3.9M below market expectations. This contraction reflects a clear strategic choice: the group decided to refocus its Norwegian teams on building new production units for renewable natural gas and green hydrogen. The release presents this pause as an investment. To judge whether it is justified, investors will wait to see if the announced asset pipeline materializes on schedule.
Gas Revenues Grow, Electricity Slows Down
Gas sales jumped 14% to €9.2M, driven by a 30% increase in volumes (228 GWh) following a return to normal injection levels into the Natran network. This strength contrasts with a price drop (€40/MWh compared to €46/MWh previously), which was offset by the volume effect.
Electricity shows the opposite trend: revenues declined to €11.7M from €12.9M in 2025. Volumes slightly increased by 1% to reach 139 GWh, but prices fell by 10% to €84/MWh. The release emphasizes that this contraction reflects "primarily a price effect" while "volumes remain solid". In Norway, revenue shrank to €7.8M (compared to €8.8M in 2025), the full-year increase in Alltec's contribution being more than offset by the end of Greenstat's EPC contracts outside the Group's scope.
Norwegian Refocusing Temporarily Weighs on Activity
The decline in Norwegian revenue results from a deliberate strategy: the two entities Alltec and Greenstat are now "mainly dedicated to FDE projects" to build new production units for renewable natural gas (RNG) and green hydrogen. This resource mobilization "temporarily reduces their external revenue".
The group asserts that this reorientation "strengthens value creation" by directing resources towards productive assets with recurring revenues and visible cash flows. This logic assumes that the new assets will be operational and profitable according to schedule. A significant portion of this promised growth relies on projects under construction or in the acquisition phase, exposing the group to risks of delays or budget overruns.
2027 Growth Drivers: France and Norway
The group anticipates a revenue increase of over 25% in 2027. Two axes support this: in France, two green electricity production engines started in June at Angres, bringing the park to 17 units, and two new units will start at the beginning of the school year at Rouvignies. In total, 16 electricity and heat production units ordered at the beginning of 2026 will be installed progressively in 2027 and 2028, with the goal of doubling green electricity production over three years.
In Norway, the acquisition of Romerike Biogassanleg AS from the city of Oslo, finalized on June 30, 2026, is expected to contribute more than €5M to the 2027 revenue. This renewable natural gas production plant from organic waste is already operational and generating cash flows. In the second half of 2027, the commissioning of the first RNG production unit at Halsa in Norway and the expected advancements in natural hydrogen production tests in Moselle complete the pipeline.
